The Cryptosmart startup is among the first operators in virtual currencies registered in the Register held byAgents and Mediators Body (OAM). The register of Italian Virtual Asset Services Providers (VASP) was introduced by the decree of the Italian Ministry of Economy and Finance on 17 February last and effectively assimilates the operators of the crypto sector to a money transfer operator. An important step in the direction of transparency for those operating in the crypto sector.
Cryptosmart is an all-Italian startup that allows both professionals and retail investors to buy, sell and deposit cryptocurrencies such as bitcoin, ethereum, polka dots and other digital assets. Led by the two co-CEOs Alessandro Frizzoni and Alessandro Ronchi, Cryptosmart aims to grow beyond the Italian borders with France and Germany as possible countries where to extend its offer.
Use of digital assets in the real economy
Cryptosmart’s intent is to serve as an exchange for cryptocurrency trading and allow you to use these digital assets also in the real economy. To do this, there is the service CSMarket which allows you to purchase Gift Cards from some of the best brands in Italian large-scale distribution, from electronics to clothing, without any intermediation, paying in bitcoin.
Founded at the beginning of 2021 and operational since last September, Cryptosmart is already thinking about a possible future listing on the Stock Exchange. In a few months, the company also launched services for businesses aimed at facilitating the spread of payments in cryptocurrencies. The CSPay service it helps companies to acquire new customers by accepting payments in cryptocurrencies. Then there is the new staking service which allows users to make their cryptocurrencies available to participate in the ‘proof of stake’ mechanism used by the blockchain network for validating transactions and registering a “new block”.
With the establishment of the register for cryptocurrencies, Italy becomes an even more suitable country for an increasingly widespread use of cryptocurrencies for payments in everyday life. Furthermore, the Revenue Agency has for years already considered the payments of cryptocurrencies as foreign currencies and therefore when making purchases in bitcoin, the capital gain must not be paid as long as the stock results less than 51 thousand euros. Interpretation of the AdE that simplifies the use of cryptocurrencies in the real economy; on the other hand, in reality, like the US, the capital gain must also be calculated on a negligible purchase of a coffee.
Twelve months with zero commissions
As with all trading activities, buying and selling cryptocurrencies also have costs associated with each individual transaction. The sum of the individual trading operations represents a huge cost that reduces the potential returns of the trading activity. For those who usually do many operations aimed at exploiting the potential of the cryptocurrency market, reducing these costs represents a great opportunity. Also because the cost of individual operations can act more or less unconsciously as a brake on trading and therefore reduce potential earnings.
Cryptosmart offers a decidedly attractive initiative until the end of June for those who want to reduce the costs related to trading on cryptocurrencies. In detail the commercial offer ‘Zero Commissions Promo Trading’ prepared by Cryptosmart allows both the professional user and beginner to the first approach to the world of digital assets to carry out unlimited operations for 12 months by paying an annual subscription of 59 euros. The expiry of the promo is set for June 30th. Once the 12 months have elapsed, the normal application of a volume rate on each transaction will return.
Compared to the custom that characterizes the main traditional exchange and trading platforms, where a commission is paid on the single commission, the promotion proposed by Cryptosmart allows the user to pay a one-off amount of 59 euros and for the following twelve months to have at all the effects are a sort of subscription to the Cryptosmart crypto exchange platform with unlimited operations for the purchase and sale of bitcoin & co.
On a practical level, there is no difference whether I buy one or three Bitcoins in a transaction; in both cases you pay nothing as the trading costs are covered by the flat subscription lasting 12 months.
To accept the offer, the user must pay a minimum of 60 € for the activation of the account and then pay the one-time fee of 59 €. The promotion specifically applies only to transactions relating to the platform’s Exchange Service, i.e. the purchase and sale of cryptocurrencies.